Are Millennial home buyers looking for luxury condos?

Posted by BriggswayMarch 29, 2018

Trends in home buying have shown that Millennials (born between 1981 and 1997) are helping to revitalize the industry, after a few rough years. Research done by the National Association of Realtors in 2016 showed that the age group showed the biggest share of home buyers, with ten percent of the number actually being newly built homes. States like Georgia and Florida are witnessing this trend firsthand, as Millennial buyers made up 13 percent of home buyers in 2016, according to a Florida Association of Realtors study.

This new group of home buyers tend to have three things which assist them when shopping for a home purchase. First comes their tech savvy, embracing the internet—and real estate sites like HomeFinder, Trulia and Zillow, to do homework before the physical process of seeing homes even starts. The second plus is the growing trend of working Millennials that have lived with their parents for some time while they built up their own finances to make purchases of their own. This often has a secondary effect on their credit, keeping it spotless by avoiding financial risk by and large. Finally, they tend to see the value for home ownership over long-term renting and an ability to plan and budget for the future.

As a generation, they also seem apt to consider all of the factors that go into finding a good neighborhood, such as climate, protection, opportunity and socialization.

The consideration of these factors is leading many Millennials to move to areas like Atlanta or Florida’s Sun Coast. The Sun Coast, defined geographically as the islands and areas surrounding Tampa Bay and St Petersburg, has a lot to offer younger generations based on many of these concerns, including a great environment and a rich cultural life. The warm tropical climate is appealing to many of them as well whom find the moderate winters a definite advantage. This is not to mention the waterways to be boated and fished and some of the best beaches in the state of Florida. Another attraction is the business climate of Tampa, which has been thriving since the 1960s.

The entertainment opportunities are significant, boasting the largest performing arts center in the Southeast, the largest science museum in the South and the highest ranked children’s zoo in the country. The city has plenty to offer the sports fan, being home to professional baseball and football, as well as hockey teams and roughly 300 golf courses in the region. Culinary enthusiasts will find plenty to enjoy, with an enormous number of cafes and restaurants to be found. Many of these locations feature the local jazz, country, blues, rock and salsa bands, which can also be found in the vibrant night clubs and taverns in the city.

The diversity of the region is apparent to young buyers who appreciate the wide variety of culture and community from which to choose. An economic freedom accompanies the area’s diversity, offering stately homes in Old Tampa, affordable housing in the suburbs and luxury residences in South Tampa. Whether one is looking for a small suburban house or a luxury condo in Tampa, average housing prices are among the most affordable in South Florida.

Similar changes have been happening in various parts of Georgia as well, including areas in and around Atlanta, like Buckhead Village and Powder Springs. Buckhead was previously known as a high-end entertainment district with it’s wide range of posh bars, restaurants, shops, and European-style cafes. As of recently, though, this area and it’s surrounding neighborhoods have seen a bit of a real-estate boom and Buckhead Village has been gaining popularity among Baby Boomers and Millennials alike. Costs have been skyrocketing within the Village which has driven in new developers and new luxury apartment constructions, like The Sutton Buckhead.

Outside of Buckhead Village however, neighborhoods that were once run-down and in foreclosure are now picking up with the influx of Millennials and college students to the area. With affordable housing and proximity to Atlanta and a vibrant night life, young people are more than happy to live a little further outside of the big city and also pay a little bit less for rent. Millennials are also actively saving money to purchase homes in the suburbs of places like Atlanta, again for cost reasons and because more and more employers allow for remote workspaces rather than a drive all the way to the office.

With their ever-changing world around them, Millennials are starting to become a driving force in housing and look to remain so with their willingness to plan and research for their future.